>>It relates to a protracted dispute with hedge funds demanding payment of $1.3bn (£766m) on bonds they hold from a default 13 years ago. The hedge funds had won a ruling in the US preventing Argentina distributing interest payments to all bondholders. The court barred some banks from making payments on $29bn of bonds. But the bill is designed to side-step this. It would allow Argentina to make payments locally or in jurisdictions beyond the reach of the US courts. The bill still needs to be signed off by President Cristina Fernandez de Kirchner, who has described the hedge funds as vultures and accused the court of interfering in an issue of national sovereignty.
Posted on: Thu, 11 Sep 2014 22:41:15 +0000
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